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FX.co ★ Technical recommendations for EUR/USD and GBP/USD on November 16

Technical recommendations for EUR/USD and GBP/USD on November 16

EUR / USD

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The bulls successfully entered the bullish zone, relative to the daily cloud (1.1812) and retained the weekly short-term (1.1761) after closing last week's trading. Now, if the main goal is broken, we can move towards the area of 1.1881 - 1.1929 (historical level + 100% target development for the breakdown of the H4 cloud), which makes it possible to make further plans. On the other hand, the support levels of 1.1812 (daily Senkou Span B) and 1.1761 (daily Kijun + daily Senkou Span A + weekly Tenkan) retained their locations and values.

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The preferences in the smaller time frames are currently on the bulls' side, who rose and are now testing the second resistance level of 1.1861. The third resistance is located at 1.1886, followed by our next value which is the high extremum (1.1920). In turn, the key support levels for this TF are now joining forces around 1.1823-14 (central pivot level + weekly long-term trend). A break through below which will change the current balance of power. Meanwhile, the support for classic pivot levels are located at 1.1810 - 1.1785 - 1.1772 today.

GBP / USD

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The pound continues to fight for the all-time level of 1.32. The next benchmark is the lower limit of the monthly cloud (1.3350). On the other hand, the nearest support, which is allowing the bulls to maintain prospects and defend the advantages, can be noted at 1.3077 - 1.3112 (upper limit of the daily cloud + daily cross). Further, the support area will be important, combining the weekly levels (1.2990-75) and the lower limit of the daily cloud. A consolidation below can significantly affect the distribution of forces and the bears' activity.

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At the moment, the pair has returned to test the key levels of the smaller time frames of 1.3165-94 (central pivot level + weekly long-term trend). A consolidation above these levels will favor the bulls, while a consolidation below which will swing the balance towards the bears' advantage and strengthen bearish moods. The classic pivot levels are the main pivot points for movement within the day. Today, they are located at 1.3222 - 1.3256 - 1.3313 (resistance) and 1.3131 - 1.3074 - 1.3040 (support).

Ichimoku Kinko Hyo (9.26.52), Pivot Points (classical), Moving Average (120)

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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